Baker Hughes chairman to retire; Craighead moves up

Baker Hughes Chairman Chad Deaton will retire this spring, the company said Monday. President and CEO Martin Craighead will assume the chairman’s role, in addition to his current duties.

Deaton, who joined the company in 2004, will retire at the company’s annual meeting April 25.

The announcement comes less than a week after the company announced its fourth-quarter earnings. Like other service companies, Baker Hughes reported that onshore drilling declines in North America had hurt earnings, and its fourth-quarter profits fell.

Even so, the returns were slightly better than analysts had predicted, driven by strong international performance.